A Half-Point Hike In Mortgage Rates
Mortgage Rates Making Like Its Mid-2009
Having a tough time keeping up with today’s mortgage rates?
Yeah. So is everybody else.
Rates went on a run last week that echoed that run in mid-2009 when the Fed first put quantitative easing on the table to help jump-start the economy.
Wall Street worried for inflation back then and that’s exactly what’s driving rates today.
We saw 30-year fixeds climb a half-percentage point between January 1 and today, and now we’re getting a little bit of a respite.
That feeling you’re having is whiplash. Or nausea. Or regret.
I’m not sure. It’s one of those. Because rates are down today but they’re higher than where they were.
The math of “Should I rent or should I buy” is a little less clear.
Get with a lender to see how today’s rates affect you.
Today’s Mortgage Rates
Mortgage rates are down today. Finally, because the last few days have been rough.
Here’s what we’re seeing for 30-year loans from today’s aggressively-priced lenders.
- Conforming rates have dropped back to 4.375 percent
- FHA mortgage rates are at 4.25 percent
- And, the always inexpensive VA loans and USDA loans are at 4.125 percent
As always: these rates are not your rates, specifically. They’re averages of what people are locking in the open market.
Your actual rate will vary based on you, your home, and your choice of lenders so make sure to shop around. Always shop around.
Talk to two or more lenders. Please talk to two or more lenders.
Lenders Changing Rates Faster Than You Can Shop For Them
Okay, it’s been a wild few weeks in mortgage rates.
Wall Street sentiment is shifting on some major things such as inflation, the economy, and the future of the U.S. dollar.
It’s causing mortgage rates to change more quickly than during any time in the last 10 years. Mortgage rates are moving so fast that even Summer Britcher is like “woah”.
It’s typical for mortgage rates to change twice per day.
Right now, they’re changing three or four times, which means that it’s harder to shop for low rates. By the time you choose a rate and lender, rates and lenders have changed.
So, shop fast and be ready and don’t sleep on those quotes, literally.
Rates are moving way too much.
Get A Mortgage Rate Quote Now